9 bear markets and the events that caused them
Dow decline: -27.1%
Cause: Rising Cold War fears, labor unrest
The failed Bay of Pigs invasion of Cuba in August 1961 stoked Cold War fears. Under pressure from President John F. Kennedy, unions negotiated modest salary increases. The president was furious when the industry promptly hiked prices $6 a ton. "My father always told me that all businessmen were sons of bitches, but I never believed it until now,” he said, sparking fears of an anti-business administration.